$1.8 Million in Grants to Help Fund New Affordable Housing
Salt Lake City— A collaborative effort between Zions Bank and community housing providers will create affordable housing opportunities for nearly 200 low-income families and individuals from Brigham City to Escalante.
The Federal Home Loan Bank of Des Moines announced on Monday that $1.8 million in Competitive Affordable Housing Program grants have been awarded to six Utah affordable housing projects in Salt Lake City, Park City, Brigham City, Escalante, and Tropic.
From construction of new affordable housing to the rehabilitation of existing homes and rental properties, the projects will benefit low-income families, seniors, persons with disabilities, homeless individuals and at-risk youths.
“As public and private entities work together to address affordable housing challenges in Utah, we’re excited that these grants will help provide more affordable housing options, which are critical to the social, economic and environmental well-being of our communities,” said Scott Anderson, Zions Bank president and CEO.
In 2019, FHLB Des Moines approved 85 of the 143 affordable housing applications it received, awarding $51.5 million in aid for projects. As a member of FHLB Des Moines, Zions Bank was the sponsoring financial institution for each of the six Utah grant recipients.
“FHLB Des Moines is proud of the work that Zions Bank does to build strong communities,” said Mike Wilson, president and CEO of FHLB Des Moines. “We are committed to providing funding and affordable housing solutions to help meet their local needs.”
Since becoming a member of FHLB Des Moines in 2017, Zions Bank has helped secure nearly $4.3 million in affordable housing awards to build or rehabilitate 335 housing units in Utah.
To apply for a Competitive Affordable Housing Program grant, nonprofits, government agencies, housing authorities and other qualifying organizations partner with a member financial institution. Housing projects must meet the minimum eligibility standards outlined in Section II.A of the Affordable Housing Program Implementation Plan. Organizations interested in applying for a 2020 grant may contact Zions Bank AHP grant coordinator, Stephanie Tobey, at Stephanie.Tobey@zionsbank.com, by Jan. 17, 2020.
About Federal Home Loan Bank of Des Moines.
The Federal Home Loan Bank of Des Moines is a member-owned cooperative that provides funding solutions and liquidity to more than 1,350 financial institutions to support mortgage lending, economic development, and affordable housing in their communities. Serving 13 states and three U.S. Pacific territories, FHLB Des Moines is one of 11 regional banks that make up the Federal Home Loan Bank System. Members include community and commercial banks, credit unions, insurance companies, thrifts, and community development financial institutions. The Des Moines Bank is wholly owned by its members and receives no taxpayer funding.
Zions Bank is Utah’s oldest financial institution and is the only local bank with a statewide distribution of branches operating 98 full-service branches. Zions Bank also operates 26 branches in Idaho and Wyoming. In addition to offering a wide range of traditional banking services, Zions Bank is also a leader in small business lending and has ranked as the No. 1 lender of U.S. Small Business Administration 7(a) loans in Utah for the past 26 consecutive years. Founded in 1873, Zions Bank has been serving the communities of Utah for more than 145 years. Additional information is available at www.zionsbank.com. A division of Zions Bancorporation N.A., Member FDIC.